Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the following transactions occurred: Transaction Units Cost/Unit $3.50 Date November 1 8 13 21 28 Balance Sale Purchaun Purchase Sale 500 350 300 200 150 4.00 5.00 a Required: 1. Compute the cost of goods sold for November and the inventory at the end of November for each of the following cost flow assumptions: FIFO b. LIFO c. Average cost 2. Next Level What can you conclude about the effects of the inventory cost flow assumptions on the financial statement